If 6% interest is to be allowed on a capital of ₹10,00,000, what will the adjusting entry be for this will in the books of the partnership firm?
Interest = ₹10,00,000 × 6% Interest = ₹60,000 So, the adjusting entry in the books of the partnership firm would be: Debit: Interest Expense [Interest on capital] & Credit: Partner’s capital account as the firm needs to pay partners so there is an increase in liability.
In the case of Maruti-Suzuki, the Union Government surrendered partial ownership and sold the majority stake to Suzuki of Japan in the course of time. T...
Which of the following is an example of “Non-current liabilities”?
Under which section of the Income Tax Act, 1961, is the term "person" defined?
What is the term used to describe the rate of return earned by an investor who purchases a bond and holds it until it matures?
Which of the following is not a fixed asset?
IRR would favour a project proposal which has _________.
Ajay draws a bill on Vinay for ₹ 60,000. Vinay accepts it. Ajay endorses it to Chintu in settlement of ₹ 70,000 at 2% discount and the balance in ca...
Internal auditor is removed and appointed by which among the following?
Company A sold machinery having a WDV of ₹ 40 lakh to Company B for ₹ 50 lakh (FV ₹ 50 lakh) and the same machinery was leased back by Company B T...
Family Pension is taxable under which head of Income?
